How Abramovich's millions kept West Ham in business

By Mihir Bose

12:01AM BST 11 Sep 2003

The Chelsea revolution has had a tremendous impact on the game but perhaps the greatest benefit outside Stamford Bridge has been felt in east London, where Roman Abramovich's money has saved West Ham from administration. Had Chelsea's new owner not bought Glen Johnson and Joe Cole, West Ham would have run out of cash by November.

Terry Brown, the West Ham chairman, makes no secret of this. Before the Russian arrived, other clubs made derisory offers, aware of fact that relegation meant a £20 million drop in income at Upton Park. One club offered just £1.5 million for Johnson and Jermain Defoe. Johnson eventually went for £6 million and West Ham have since turned down a £12 million bid from Manchester United for Defoe.

First contact from Chelsea came on June 28, before anyone in English football had heard of Abramovich. Brown received a call at home from Ken Bates, chairman of Chelsea. He was interested in Cole.

The England midfielder was in the last year of his contract and had made it clear he would not sign again. He could have gone abroad, possibly to Barcelona.

The Bates phone call intrigued Brown. The transfer market was dead, Chelsea were not supposed to have any money, so how could they pay for Cole? Brown quoted £8 million, payable over four years. Bates rang again on the following Tuesday to say he could not do the deal - and that evening Abramovich bought Chelsea.

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For some time Brown heard nothing. Then Pini Zahavi got in touch. Brown knew him well, as Rio Ferdinand's agent. And the player Zahavi wanted on Chelsea's behalf was not Cole, but Johnson.

The only explanation for Chelsea switching targets is that when they first became aware of Abramovich's imminent arrival at Stamford Bridge, manager Claudio Ranieri was calling the shots.

By the time Zahavi rang Brown, Abramovich's famous meeting with Sven-Goran Eriksson, the England coach, had taken place and the initial Chelsea purchases appear to have been guided by the Swede, with Zahavi always making the first call.

Chelsea did come in for Cole some weeks later, and by this time Ranieri had evidently managed to have a say in purchases. Cole was almost the last of Abramovich's buys, just before the season began.

Brown could not have been more delighted with the way Abramovich did business. The fee for Johnson was based on several conditions, including appearances for Chelsea and his England debut, but Chelsea paid the full amount up front.

West Ham brought in £18 million from the transfers and reduced their wage bill - which was the seventh-highest in the Premiership - by £10 million to a more manageable £17 million.

Brown refutes supporters' accusations that he should have kept the squad intact. Not only would administrators have walked in but, he said, West Ham might also have had to sell Upton Park and their Chadwell Heath training ground. They, and all other assets of the club, are mortgaged to the three banks who have financed West Ham - Barclays, Lombard and Royal Bank of Scotland.

The debt had risen to £41 million before Abramovich got involved. Brown and the board feared an administrator would sell the ground and West Ham would have to ground-share.

The debt has now come down to £30 million and West Ham have £14 million on deposit although this will, inevitably, turn into overdraft as the season progresses.

Brown admits to one mistake last season - not giving former manager Glenn Roeder the strikers he wanted. Injuries meant that Ian Pearce had to be pushed up front with Defoe and one problem was lack of goals.

But West Ham, he said, having frozen season ticket prices for a second successive year, had run out of cash. All they could afford was to bring in Youssef Sofiane from Auxerre. The £750,000 deal included his transfer fee, agent fees and salary.

Brown said: "In 2000-2001, Harry Redknapp's last season, we got 42 points and finished 15th. Last year we got 42 points and were relegated. Harry was a lucky general, Glenn was not."

So why compound Roeder's misery by sacking him after three matches? Brown said West Ham were so worried about money that the manager was low down in their priorities. The board knew a good start was necessary and had set a target of 15 points from the first six games. The Rotherham match two weeks ago, when West Ham lost 1-0, was the turning point.

It was not, as the tabloids alleged, because of the players changing in the hotel before the match, but due to the way West Ham lost and suggestions that Roeder had had a further fall-out with a player, in this case Sofiane's brother, who is also his agent. As a result, Sofiane, who was on the substitutes' bench, did not play, when his pace might have turned the Rotherham defence.

Trevor Brooking, who could not attend the board meeting at which the decision was taken on Roeder - had he done so he may have voted against it - was not keen to be a caretaker manager again. On that Sunday he was attending a wedding and Brown persuaded him to take the job just before he went to the church.

Brooking agreed to take charge for three weeks, although by then West Ham should have signed Reading manager Alan Pardew. Had West Ham not been relegated it would have been easier, as a clause in Pardew's contract allows him to go to a Premiership club, provided they pay Reading £500,000 in compensation.

Pardew has been sent on 'gardening leave' by Reading. It seems unlikely that they can stop him becoming West Ham's manager.